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IASB Actions in Relation to FASB Staff Positions FAS 15u7-4 etc

The Board received a summary of the comments received on its Request for Views on three proposed FASB FSPs (later modified to comments on the final FSPs issued on 9 April 2009).

Consistency of FSP FAS 157-4 and the guidance issued by the IASB's Expert Advisory Panel (EAP) Measuring and Disclosing the Fair Value of Financial Instruments in Markets that are No Longer Active

After reviewing the responses received by the IASB on this topic, the Board agreed unanimously that the guidance issued by its EAP in October 2008 was consistent with that in FSP 157-4. In particular, Board members noted that the EAP material was amended as a result of comments received to emphasise the use of judgement when measuring fair value in markets that are no longer active.

The Board also agreed that the guidance in FSP 157-4 should be added to the forthcoming ED on fair value measurement. One Board member reserved his vote, noting a lingering concern that some of the FSP material could be construed as 'easier' than the material in the EAP guidance.

Finalising the Fair Value Measurement ED

The staff advised that it would be sending a pre-ballot draft to the Board presently, for comment by 4 May 2009. The staff hope to ballot during the week of 11 May and have the Exposure Draft issued for comment by the end of May 2009.

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